RICHBURG, S.C. (June 17, 2014) — Giti Tire Group will receive $40 million or more in economic benefits from state, county and local government entities toward the construction of the $560 million car and light truck tire plant the Singapore-based tire maker is planning for Chester County, S.C.
The state’s Coordinating Council on Economic Development approved a $37.8 million grant to help purchase and improve the 1,100-acre site located alongside I-77 in rural Chester County, according to a spokesman for the South Carolina Department of Commerce.
Giti also will receive “job development credits” once the plant reaches the target of 1,700 jobs, the spokesman said, although the value of these credits will depend on the number of jobs and the salary level. These credits, which are designed to help companies offset the cost of locating a facility, buying equipment and training employees, reportedly will last for 10 years.
In addition, the Rural Infrastructure Authority approved a $2 million grant earlier this year to assist with extending water and sewer services to the site.
In addition, local media reported that the Chester County Council approved a “fee-in-lieu ordinance” that will reduce the company’s property taxes. Further details were not available.
Giti also will benefit from assistance from readySC — a division of the South Carolina Technical College System — with recruiting and training the firm’s initial workforce.
Giti, the the predominantly Chinese tire maker, disclosed June 16 it plans to invest $560 million over 10 years to build a 1.8 million-sq.-ft. plant and distribution center in Chester County with a first-phase annual capacity of 5 million tires.
Giti officials declined to say when they expect to break ground, citing the open-ended nature of zoning, industrial and environmental permitting processes.
How have tire prices been in the last few months?
|They've gone up 1-5%||
|They've increased 6-10%||
|They've stayed flat||
|They've gone down between 1 and 5%||
|They've gone down 6-10%||
|They've dropped more than 10%||